Connect with us
X
Categories:

News

How I plan to remove subsidy regime – Tinubu

Published

on

Bola Tinubu
Share this post:

Subsidy must go: In addition to phasing out fuel subsidy, the former Lagos State Governor also promised to accelerate full implementation of the Petroleum Industry Act, pursue other favourable policies to attract investment in Deepwater assets in the space of six months.

These promises were contained in his manifesto released on Friday, October 21, 2022.

Full deregulation: Tinubu also disclosed that he will ensure stability in supply of petroleum products by fully deregulating the downstream sector and ensuring that local refinery capacity is strengthened to meet up with domestic consumption needs.

Tinubu’s word: “We shall phase out the fuel subsidy yet maintain the underlying social contract between government and the people. We do this by dedicating the money that would have been used on the subsidy to fund targeted infrastructural, agricultural and social welfare programs ranging from road construction to boreholes, public transportation subsidies, and education and healthcare funding programs. In this way, the funds are more directly and better utilized to address urgent social and economic needs.

“Our planned approach will not only mitigate the price effects of deregulation but will also result in the significant expansion of public infrastructure and improvement of public well-being.

“Subsidy removal and deregulation are, however, only part of the solution. To further increase our refining capacity, we shall focus on the rehabilitation of the nation’s refineries and shall consider, as a model, the joint venture partnership arrangements implemented by other leading oil-producing states and global petrochemical firms.”

Pulse reports that the APC presidential candidate’s proposal reflects President Muhammadu Buhari‘s resolve last year to remove the controversial fuel subsidy following advice by the International Monetary Fund (IMF), and the World Bank.

The Buhari government had proposed a N5,000 monthly stipend for transportation to about 40 million Nigerians to cushion the effect of subsidy removal.

However, the plan was later jettisoned as the Minister of State for Petroleum Resources, Timipre Sylva, on January 25, 2022, announced that government had proposed to extend the subsidy removal implementation period by another 18 months.


Get More Stories Like This On: Facebook: @AllNaijaEntertainment, Twitter: @AllNaijaEntertainment
Expanding Living Space
Lifestyle4 weeks ago

Expanding Living Space: Prefabricated Workshop Building Kits for Extra Rooms

BeBe Winans
Lyrics1 month ago

BeBe Winans – It All Comes Down to Love [Lyrics]

BeBe Winans
Music1 month ago

[Music] BeBe Winans – It All Comes Down to Love

The Countdown Begins to the Tournament That Has It All
ANE Football Analytical2 months ago

AFCON 2023: A Sporting Spectacle Set to Captivate the World

Litecoin: What Makes It The Crypto Winner?
Technology3 months ago

Runny Inflation Can Drive Cryptocurrency Adoption

Black and White French Bulldog puppies Frenchie Joy
Lifestyle3 months ago

Black and White French Bulldog puppies Frenchie Joy

3 Serious Reasons to Keep Your Teenager Away From Social Media
Lifestyle3 months ago

3 Serious Reasons to Keep Your Teenager Away From Social Media

Boxing vs MMA What Makes Them So Different
Sports4 months ago

Boxing vs MMA: What Makes Them So Different

Roisea: Most Advanced Crypto Trading Platform for Bitcoin
Technology4 months ago

NFTs and Intellectual Property Rights: Shaping Creative Ownership

The Birth of a Rugby Nation South Africas Love Affair with the Sport
Sports8 months ago

The Birth of a Rugby Nation: South Africa’s Love Affair with the Sport

A Beginner's Guide to Radicle (RAD): The Future of Peer-to-Peer Development
Technology9 months ago

A Beginner’s Guide to Radicle (RAD): The Future of Peer-to-Peer Development

Analysis of Nigeria's Renewable Energy Sector: Opportunities and Challenges
Technology10 months ago

Analysis of Nigeria’s Renewable Energy Sector: Opportunities and Challenges

Casino Gaming Poker
Sports10 months ago

What Are The Various Types Of Online Slots?

Luka Modric celebrates after scoring Real Madrid's second goal against Celta Vigo.
Sports11 months ago

Luka Modric set to join Ronaldo in Saudi Arabia’s Al Nassr

WHO World Health Organization
Health11 months ago

WHO debunks claims that tuberculosis is caused by witchcraft, poison

Atiku Abubakar
News11 months ago

2023 Election: Why DSS must arrest Fani-Kayode – Atiku

PDP Logo Umbrella
News11 months ago

PDP suspends National Chairman

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories11 months ago

[STORY] THE PASTOR’S DAUGHTER (Final Episode 13)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories12 months ago

[STORY] THE PASTOR’S DAUGHTER (Episode 12)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories12 months ago

[STORY] THE PASTOR’S DAUGHTER (Episode 11)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories12 months ago

[STORY] THE PASTOR’S DAUGHTER (Episode 10)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories12 months ago

[STORY] THE PASTOR’S DAUGHTER (Episode 09)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories12 months ago

[STORY] THE PASTOR’S DAUGHTER (Episode 08)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories12 months ago

[STORY] THE PASTOR’S DAUGHTER (Episode 07)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories12 months ago

[STORY] THE PASTOR’S DAUGHTER (Episode 06)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories12 months ago

[STORY] THE PASTOR’S DAUGHTER (Episode 05)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories12 months ago

[STORY] THE PASTOR’S DAUGHTER (Episode 04)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories12 months ago

[STORY] THE PASTOR’S DAUGHTER (Episode 03)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories12 months ago

[STORY] THE PASTOR’S DAUGHTER (Episode 02)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories12 months ago

[STORY] THE PASTOR’S DAUGHTER (Episode 01)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories12 months ago

[STORY] THE PASTOR’S DAUGHTER (Complete Episodes)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories12 months ago

[STORY] PAPA LOVES HIS GIRLS (Episode 16)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories12 months ago

[STORY] PAPA LOVES HIS GIRLS (Episode 15)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories12 months ago

[STORY] PAPA LOVES HIS GIRLS (Episode 14)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories12 months ago

[STORY] PAPA LOVES HIS GIRLS (Episode 13)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories12 months ago

[STORY] PAPA LOVES HIS GIRLS (Episode 12)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories12 months ago

[STORY] PAPA LOVES HIS GIRLS (Episode 11)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories12 months ago

[STORY] PAPA LOVES HIS GIRLS (Episode 10)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories12 months ago

[STORY] PAPA LOVES HIS GIRLS (Episode 09)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories12 months ago

[STORY] PAPA LOVES HIS GIRLS (Episode 08)

ANE Billboard Hots